PC Connection Beneish M-Score Historical Data
The historical data trend for PC Connection's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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PC Connection Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.10 |
-2.34 |
-2.44 |
-2.23 |
-3.03 |
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PC Connection Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-2.56 |
-3.01 |
-3.12 |
-3.03 |
Competitive Comparison
For the Electronics & Computer Distribution subindustry, PC Connection's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
PC Connection Beneish M-Score Distribution
For the Hardware industry and Technology sector, PC Connection's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PC Connection's Beneish M-Score falls into.
PC Connection Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of PC Connection for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0979 | + | 0.528 * 0.9379 | + | 0.404 * 0.9189 | + | 0.892 * 0.9122 | + | 0.115 * 0.8858 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0962 | + | 4.679 * -0.102624 | - | 0.327 * 0.9713 |
| = | -3.03 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $611 Mil.
Revenue was 696.466 + 693.086 + 733.547 + 727.545 = $2,851 Mil.
Gross Profit was 129.775 + 131.888 + 127.777 + 122.296 = $512 Mil.
Total Current Assets was $1,049 Mil.
Total Assets was $1,188 Mil.
Property, Plant and Equipment(Net PPE) was $61 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $385 Mil.
Total Current Liabilities was $328 Mil.
Long-Term Debt & Capital Lease Obligation was $3 Mil.
Net Income was 23.778 + 25.598 + 19.697 + 14.198 = $83 Mil.
Non Operating Income was 4.113 + 2.644 + 0.128 + 0.389 = $7 Mil.
Cash Flow from Operations was 12.289 + 50.22 + 115.94 + 19.505 = $198 Mil.
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Total Receivables was $610 Mil.
Revenue was 732.451 + 775.692 + 828.509 + 788.344 = $3,125 Mil.
Gross Profit was 124.344 + 136.626 + 136.901 + 128.306 = $526 Mil.
Total Current Assets was $954 Mil.
Total Assets was $1,100 Mil.
Property, Plant and Equipment(Net PPE) was $67 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $385 Mil.
Total Current Liabilities was $311 Mil.
Long-Term Debt & Capital Lease Obligation was $5 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (611.182 / 2850.644) | / | (610.28 / 3124.996) |
| = | 0.214401 | / | 0.19529 |
| | = | 1.0979 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (526.177 / 3124.996) | / | (511.736 / 2850.644) |
| = | 0.168377 | / | 0.179516 |
| | = | 0.9379 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1048.639 + 60.998) / 1188.381) | / | (1 - (953.792 + 66.729) / 1099.826) |
| = | 0.066262 | / | 0.072107 |
| | = | 0.9189 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2850.644 | / | 3124.996 |
| | = | 0.9122 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (11.978 / (11.978 + 66.729)) | / | (12.654 / (12.654 + 60.998)) |
| = | 0.152185 | / | 0.171808 |
| | = | 0.8858 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (385 / 2850.644) | / | (385 / 3124.996) |
| = | 0.135057 | / | 0.1232 |
| | = | 1.0962 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((3.181 + 327.965) / 1188.381) | / | ((4.994 + 310.517) / 1099.826) |
| = | 0.278653 | / | 0.286874 |
| | = | 0.9713 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (83.271 - 7.274 | - | 197.954) | / | 1188.381 |
| | = | -0.102624 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
PC Connection has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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